Dubai-based property developer Damac Properties said, it has awarded Arabtec Construction LLC with a US$171 million (Dh628 million) contract to develop 1,296 villas at Damac’s Akoya Oxygen master development. Arabtec will begin construction in Q3 2017 at the 55-million-square-foot green development in Dubailand, and is expected to complete the project within 24 months.

Properties Investment delivers Dh97 million worth of projects at Green Community West Dubai

Properties Investment LLC, a joint venture 70 per cent owned by Dubai Investments PJSC and 30 per cent by Union Properties, said, it has handed over of 76 townhouses in the stage 1 of its Green Community Dubai Investments Park

Majid Al Futtaim, the region’s leading property and shopping mall developer, broke ground on the US$708 million (Dh2.6 billion) shopping mall City Centre Al Zahia in Sharjah. It will be the company’s largest mall within the UAE’s third-largest emirate – Sharjah. Once complete in 2020, City Centre Al Zahia will be a valuable addition to the developer’s growing City Centre brand portfolio.

Dubai property developer Nakheel reported a net profit of Dh1.48 billion for the first quarter of 2017 – a time when it handed over 412 land and built form units to customers, with its retail, hospitality and residential leasing businesses continuing to perform solidly.

Dubai Land Department, the emirate’s land and property registry, is planning to classify the real estate developers based on their performance and delivery track record, in order to boost the sector and help attract investment, a top official said.
Sultan Butti bin Mejren, Director General of the Dubai Land Department, told Gulf Property that his department is working on the plan that will help identify the good developers based on their performance.

Master developer Nakheel has awarded a Dh 4.2 billion construction contract to United Engineering Construction LLC to build Deira Mall. The mall, with 4 million square feet of leasable area, will be the biggest in Dubai in terms of retail space.

Wasl Properties, the leading property management company and a subsidiary of Wasl Asset Management Group, has launched Dar Wasl apartments following the release of the villas at the same project last year.